Lucapa Diamond commences a drilling program to test high-priority kimberlite targets at the Lulo Diamond Project in Angola. The aim of the drilling program is to help identify the primary kimberlite source, or sources, of the large, high- value alluvial diamonds being recovered from Lulo, which include Angola’s biggest recorded diamond – a 404 carat Type IIa D-colour gem which sold for $22.5 million in February 2016.
The Lulo kimberlite drilling program is scheduled to continue throughout 2016 and will also include priority targets in the E46 alluvial area, where the Lulo partners have recovered more than 20 special diamonds (individual diamonds weighing more than 10.8 carats) of up to 88 carats from recent trial mining activities.
The results of the latest sale of Lulo alluvial diamonds, which has added to the cash resources of mining company Sociedade Mineira, do Lulo (SML), which Lucapa operates and has a 40% interest in. The parcel of 808 carats of Lulo diamonds achieved gross sale proceeds of A$1.2 million (US$880,720), representing an average sale price per carat of A$1,480 (US$1,090).